BUSINESS INNOVATION AND INVESTMENT (PROVISIONAL) VISA (SUBCLASS 188)
This is a temporary visa which allows you to:
• establish a new business or develop an existing business in Australia; or
• invest in Australia by making a designated investment with an Australian state or territory government or make and maintain complying investments in Australia;
• travel in and out of Australia for the life of your visa;
• bring family members with you to Australia; and
• seek permanent residence by applying for a Business Innovation and Investment (Permanent) visa (subclass 888).
You must be nominated by a state or territory government and submit an expression of interest through SkillSelect, before being invited to apply for this visa.
This visa has three streams:
• Business Innovation stream: for people with business skills who want to establish, develop and manage a new or existing business in Australia.
• Investor stream: for people who want to make a designated investment of at least AUD 1.5million in an Australian state or territory and maintain business and investment activity in Australia.
• Significant Investor stream: for people who are willing to invest at least AUD 5 million into complying investments in Australia and want to maintain business and investment activity in Australia.
You will not be eligible for any stream if you or your partner have a history of involvement in generally unacceptable business or investment activities.
You must be nominated by a state or territory government. Each state or territory may have its own selection and application criteria in addition to Immigration’s criteria for this visa.
For a list of websites for each state and territory, click here.
Tips: Visit the website of the state or territory you would like to be nominated by. Find the page relating to Business Talent visas. Read the criteria for that state / territory. If you meet the selection criteria – apply for nomination.
Expression of interest
Not only must you be nominated by a state or territory, you must be invited to apply for this visa.
To be considered for an invitation, you must first lodge an Expression of Interest (EOI) via the Skillselect website.
You must indicate in your EOI which stream you are applying for.
Business Innovation stream
You must be under 55 years of age and be able to demonstrate a need to be resident in Australia to operate your main business.
You must score at least 65 on the Innovation Points test.
In addition, you must show that you had and will continue to have an ownership interest in one or more actively operating businesses in Australia for at least the 2 years immediately before applying.
Criteria for Investor stream
You must also demonstrate the following:
– a successful record of investment / business activity.
– At least 3 years’ experience of direct involvement in managing one or more businesses / investments.
– a demonstrated a high level of management skill in relation to the investment / business activity.
For at least one of the 5 fiscal years immediately before the time of invitation to apply for the visa:
o you have maintained direct involvement in managing the business;
o You or your partner had an ownership interest or combined interest of at least 10% of the total value of the business; OR
o You maintained direct involvement in managing your or your partners investments with a total net value of at least AUD1 500 000.
For the 2 fiscal years prior to your application, you and / or your partner’s business and personal assets have had a net value of at least AUD 2 250 000.
You have made a designated investment in you and / or your partner’s name of at least AUD1 500 000 in the State or Territory in your nominated State or Territory
You and / or your partner’s business and personal assets are available for transfer to Australia within 2 years after the grant of a Subclass 188 visa.
You have a genuine and realistic commitment to continue to maintain your business or investment activity in Australia after your designated investment period matures.
You genuinely intend to reside in your nominated State or Territory for at least 2 years.
Criteria for Significant Investor stream
You have made investment/s of at least AUD 5 million and intend to hold the investment for at least 4 years.
You genuinely intend to reside in your nominated State or Territory.